How to quickly improve your credit…

In this market, FICO scores are so important. I have situations where borrowers need their score to go up a few points to qualify for a specific program. A few things you can do is this; check your credit card accounts and see what your limit is and what your balance is. If you can get your balance to below 50% of the high credit limit, it will help your score by a few points, if you can get it to 30% of the high limit, it will even further. Also, do not pay off collections that are older, because they may report with an “Last Date of Activity” with a current date from when you paid them off and that will look like it is a new collection. If you are able to pay down the revolving accounts, get a letter from the creditor so it can be submitted to the bureaus. Once they are submitted, we can do a credit supplement, which asks the bureaus to up date your score in 3-5 business days, as oppose to the normal 30-60 days. If you need a bigger improvement, it may require someone to go over your entire credit report to help and it could take a longer period, probably in the 45-90 day time frame.

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